I've been here several times, alone and with friends. It's located under the cross-hairs at the centre of the map linked to below (GPS coordinates in the URL, change to satellite view, or zoom in, with the features of the map):
Located on the north side of Thanon (often called Soi) Rangnam, a great local eating street, which also has the King Power Pullman hotel (mediocre value whose construction somewhat damaged the integrity of the neighbourhood, IMHO) and the Royal View Resort (very good value, IMHO and immediately adjacent to the west side of the park).
As the previous reviewer noted, there are aerobics sessions in the park (as in almost all Bangkok parks). As a late person, I can't get up for the early ones, but the ones at 6 PM are enjoyable to watch or participate in. To me, the evenings, between about 6 and 8 PM, are best times for visiting a park like this. Relatively cool, and active with locals enjoying it. Walk or jog around the park, bring kids to the playground. Or just get some fresh fruit from a street vendor, get a drink from a nearby 7-11, sit and read a book - while watching residents revel in their parks. The Wikipedia article below gives some more information:
If you're in the area in the evening, consider having dinner in one of the restaurants along Soi Rangnam. The Saxophone Pub in the SE corner of Victory Monument square, is also a good place to eat, drink, and enjoy local live jazz.
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